Cohousing-L Mailing List: Re:Membership Buyout

[Joani Blank (jeblank]

We (Old Oakland CoHousing, Oakland, CA) have a provision in our LLC
(Limited Liability Corporation or Company for those who don't recognize the
initials) for what our document calls a Substitute Member, which sounds
like what you are asking about. Our attorney used the word Partner at first
and we asked him to change it to Member which he did. 

Since there were still units unsold when Doyle St was all built and mostly
lived in, this never came up as an issue. LLC's weren't around in
California then--or were very rare, I'm not sure which--So this group was a
partnership with the developer as the general partner and the future
residents as limited partners. I assume that someone could have sold
his/her equity in the partnership to a "substitute" partner, but I don''t
know for sure

Joani  (SF Bay Area)